I purchased our home @ $475,000 and received permits for four projects that pushed me from a $7,800 tax bill to to my current cost of $9,200. I have not been re-accessed yet, but if they saw I did another 200k worth of work without permits, I'd go to $11,500 easily. My parents pay $14,800 on their home, their neighbor pays $48,000!

These numbers, among other costs are why I said 80k would be struggling. 11.5% of your gross income would go to real estate taxes alone.

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Soooo...if you sold your million+dollar home, realized your gain and downsized for cash with no mortgage, you could easily "get by" on $80K generated by the $1 million principle. If the principle managed to appreciate....which is not impossible in a rising market with proven performers in interest and dividends, you can do even better.

The objective of most retirees is be debt free with minimal tax liabilities...to travel and have fun rather than be a slave to a big, expensive estate.

Soooo...if you sold your million+dollar home, realized your gain and downsized for cash with no mortgage, you could easily "get by" on $80K generated by the $1 million principle. If the principle managed to appreciate....which is not impossible in a rising market with proven performers in interest and dividends, you can do even better.

The objective of most retirees is be debt free with minimal tax liabilities...to travel and have fun rather than be a slave to a big, expensive estate.

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Travel?

Try managing your every day health issues....its amazing how some folks take their health for granted.....there is more than 1 millionaire in my family and the majority spend their time trying to get thru their day, hopefully having 2 or 3 good days out of 7.

Retirement....travel.....whatever.

$10,000 monthly for everyday caregivers is a reality for many in my community...oh boy....retirement.

Try managing your every day health issues....its amazing how some folks take their health for granted.....there is more than 1 millionaire in my family and the majority spend their time trying to get thru their day, hopefully having 2 or 3 good days out of 7.

Retirement....travel.....whatever.

$10,000 monthly for everyday caregivers is a reality for many in my community...oh boy....retirement.

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I understand...and don't want to be in that position....but...

I've got several friends well into their 70s that are constantly on the go with wanderlust. I have a close friend couple, both early 70s and her mother is 101 and still partying. Genes. Another good friend of mine's mother held on for 2 years with a heartbeat and no life to speak of My ex mother in law is 84 and walks like she's 30. My current mother in law is 84 and wobbles like a penguin, overweight, with rebuilt knees and early stages of dementia...and she hates it. It's hard to watch and experience. I'd rather die in my sleep and be a bother to no one.

This is how long $1 million in retirement savings will last in your state

When you close your eyes and think about the day when you no longer will have to clock in at work, or perhaps you’re there now, no doubt one of the primary concerns is how much money you’re going to have to live off of. You’d be surprised how tight things could get while paying the bills with just a pension.

But what if you had $1 million? Surely you could make ends meet and then some in retirement — but for how long? The AARP figures that a $1 million nest egg is enough for most Americans, who are expected to live for around 22 years after retirement. But is $1 million really enough? Turns out, a lot has to do with what state you live in.

Stretch your retirement savings by retiring to the right state

Gobankingrates.com has put together a state-by-state analysis that shows how far $1 million in retirement will go — and if it will take you to that 22-year threshold.

The website used a methodology that takes into account the average spending for senior citizens once they hit retirement age.

“In order to determine how long $1 million will last the average retiree in each state, GOBankingRates found the average total expenditures for people 65 and older, which includes groceries, housing, utilities, transportation and healthcare,” the website says. “Then, we multiplied that by the cost of living index in each state to find the average expenditure cost for each state.”

50. Hawaii - $1 million will last: 11 years, 11 months: “At $5,626 a year, the cost of groceries is by far the highest in the nation, and housing is no picnic, either,” the site says.

Not sure what you're reading but unless you're living in millionaires row in Morningside then houses are absolutely affordable in Edinburgh. I stayed in a lovely apartment in Leith recently which is very central and it was owned by a single, non professional girl. I doubt the same would apply in NY from what I read here.

Same with Glasgow, there are a few pockets of pricey areas but generally housing is affordable. I have a very nice detached property in a very nice area that, in parts of the south of England, would be very easily well over half a million if not £3/4m. I paid £142K.

South Englands property prices are a whole other ball game but, even so, I have friends and relatives there who are doing fine. All have bought. Regardless of that, I assumed we were talking here about a retirement pot of a million outside of buying a property? I'd hope anyone reaching retirement here would own outright and it'd be a non issue. Honestly, none of my friends or acquaintances rent properties. In south England renting is common and very expensive in many areas. London is insane.

So is living in the average home (what your link mainly deals with) living like a king? Again, not trying to be a dick, but there's a big difference between the median and royalty. I honestly don't think I could live in Scotland in the same way I can live in Arizona in retirement...and I would love to spend several years with my home base in Scotland. It will take considerable downsizing in housing to make that happen though...which we might do.

So is living in the average home (what your link mainly deals with) living like a king? Again, not trying to be a dick, but there's a big difference between the median and royalty. I honestly don't think I could live in Scotland in the same way I can live in Arizona in retirement...and I would love to spend several years with my home base in Scotland. It will take considerable downsizing in housing to make that happen though...which we might do.

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My dear Chilicat, I think you are trying at least a little and you know it You really need to be less pedantic, it's not a good colour on you. Anyway, would I actually be able to live like our tax-scrounging "royalty" on a million? Of course not, taxpayers aren't topping up my bank account every year Regardless, £1million would lend me a very, very, nice lifestyle indeed. While I can't speak about Scotland vs Arizona, I do know that I already enjoy a very good standard of living. I pretty much have everything I want in life right now so a million in the bank would allow me to be pretty damn extravagant.

As to the original question of how long I could live off a million? I could retire right now and never work again very easily. If anyone wants to donate that million, just PM me for my bank details. I'd be very happy to prove it

I have no dependents...so if I have 1mil after tax, I'm immediately distributing 500k throughout the market, in dividend-paying blue chip stocks across a variety of sectors. As for my picking method, that's my business...but the goal is to minimize risk, protect existing assets from inflation and (slowly) build long term growth while providing some extra liquid cash for living expenses.

I feel confident in projecting my million would outlast me, even while living a comfy life of leisure.

My dear Chilicat, I think you are trying at least a little and you know it You really need to be less pedantic, it's not a good colour on you. Anyway, would I actually be able to live like our tax-scrounging "royalty" on a million? Of course not, taxpayers aren't topping up my bank account every year Regardless, £1million would lend me a very, very, nice lifestyle indeed. While I can't speak about Scotland vs Arizona, I do know that I already enjoy a very good standard of living. I pretty much have everything I want in life right now so a million in the bank would allow me to be pretty damn extravagant.

As to the original question of how long I could live off a million? I could retire right now and never work again very easily. If anyone wants to donate that million, just PM me for my bank details. I'd be very happy to prove it

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I hear Glasgow has some of the best Indian restaurants in the world ... would love to give that a try

My dear Chilicat, I think you are trying at least a little and you know it You really need to be less pedantic, it's not a good colour on you. Anyway, would I actually be able to live like our tax-scrounging "royalty" on a million? Of course not, taxpayers aren't topping up my bank account every year Regardless, £1million would lend me a very, very, nice lifestyle indeed. While I can't speak about Scotland vs Arizona, I do know that I already enjoy a very good standard of living. I pretty much have everything I want in life right now so a million in the bank would allow me to be pretty damn extravagant.

As to the original question of how long I could live off a million? I could retire right now and never work again very easily. If anyone wants to donate that million, just PM me for my bank details. I'd be very happy to prove it

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This just makes me point back to an earlier post of mine. Asking folks if they could live off a million is like asking Gibson or Fender. It's going to be all about personal choices.

Try managing your every day health issues....its amazing how some folks take their health for granted.....there is more than 1 millionaire in my family and the majority spend their time trying to get thru their day, hopefully having 2 or 3 good days out of 7.

Retirement....travel.....whatever.

$10,000 monthly for everyday caregivers is a reality for many in my community...oh boy....retirement.

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That is one of my concerns ....

I will be eligible to retire with a decent pension at 56 ... and our retirement savings are looking pretty good right now ... so it will be tempting to drop out of the rat race as soon as possible ... and 56 is young enough that I should have a good number of healthy years left. I will also be able to keep my current health insurance after retirement.

but then the longer I work the better my retirement benefits will be so hanging on a little longer is also tempting ... but the longer I wait the more likely my health or my wife's will become an issue

I hear Glasgow has some of the best Indian restaurants in the world ... would love to give that a try

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We have indeed! One thing my wife and I always find is that we can't get decent Indian or Chinese food no matter where we travel outside the UK (barring India or China I assume). My sister in law moved to Canada 14yrs ago and constantly complains about this. You'll be spoiled if you visit Scotland

I will be eligible to retire with a decent pension at 56 ... and our retirement savings are looking pretty good right now ... so it will be tempting to drop out of the rat race as soon as possible ... and 56 is young enough that I should have a good number of healthy years left. I will also be able to keep my current health insurance after retirement.

but then the longer I work the better my retirement benefits will be so hanging on a little longer is also tempting ... but the longer I wait the more likely my health or my wife's will become an issue

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I am 58 and have declining health the past several years to a point it is getting very difficult to work and manage my health issues......who knows for sure....but, be honest with yourself, at age 55 things have already started adding up for many, though it often hasn't revealed itself!

Depends on your lifestyle......i have relatives that are extreme tightwads in most respects and rarely leave the house or farm unless necessary, partly why they have assets, they dont spend much at all....otoh, my oldest brother is 75, fairly healthy and has well over 300 stamps in his passport (thanks to frequent flyers miles with his job paying for a lot of his family travel) but slowing way down with travel in recent years.

This just makes me point back to an earlier post of mine. Asking folks if they could live off a million is like asking Gibson or Fender. It's going to be all about personal choices.

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Yep, I'm not massively material though I do like my guitars, watches and motorcycles etc. but I don't need 50 of each. Just a few nice pieces and I'm sorted for all of them already except the bike right now. I'll spend most of my disposable travelling if my health stays with me.

We have indeed! One thing my wife and I always find is that we can't get decent Indian or Chinese food no matter where we travel outside the UK (barring India or China I assume). My sister in law moved to Canada 14yrs ago and constantly complains about this. You'll be spoiled if you visit Scotland

We have indeed! One thing my wife and I always find is that we can't get decent Indian or Chinese food no matter where we travel outside the UK (barring India or China I assume). My sister in law moved to Canada 14yrs ago and constantly complains about this. You'll be spoiled if you visit Scotland

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I've had great Indian foot in Detroit and Toronto. I don't eat much Chinese food (more Indian or Thai), but I'll bet a lot of money that some here have found good Chinese food in the US and/or Canada.